(A Committee of Correspondence)

15 May 2011

"...Oil Price Should Be $60 To $70 A Barrel." - Forbes

"Rex Tillerson, the boss of ExxonMobil admitted last week that the price of oil–based purely on supply and demand- should be in the $60 to $70 a barrel range. Forbes

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Well, here we have the truth from the "horse's mouth." You don't have to believe ignorant old me. "$60 to $70 a barrel range." Lenzner continues by stating that, broadly speaking, the rest of the price is created by the "market forces" that I keep talking about.

I find it difficult to believe that the casino-like process of playing with the possiblity of extracting profits from the maniplulation of futures contributes to the production of petroleum.

This "game" contributes to the bank accounts of the players, but what does it do to the rest of us?

If the answer is nothing, then the "crap shoot" in New York and other places should be dealt with, probable through international treaties of regulation. pl

Comments

"Rex Tillerson, the boss of ExxonMobil admitted last week that the price of oil–based purely on supply and demand- should be in the $60 to $70 a barrel range. Forbes

----------------------------

Well, here we have the truth from the "horse's mouth." You don't have to believe ignorant old me. "$60 to $70 a barrel range." Lenzner continues by stating that, broadly speaking, the rest of the price is created by the "market forces" that I keep talking about.

I find it difficult to believe that the casino-like process of playing with the possiblity of extracting profits from the maniplulation of futures contributes to the production of petroleum.

This "game" contributes to the bank accounts of the players, but what does it do to the rest of us?

If the answer is nothing, then the "crap shoot" in New York and other places should be dealt with, probable through international treaties of regulation. pl